EC128NU-Intermediate Mathematics for Economics

Module Provider: School of Politics, Economics and International Relations
Number of credits: 20 [10 ECTS credits]
Level:4
Semesters in which taught: Semester 2 module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2023/4

Module Convenor: Dr Fangya Xu
Email: fangya.xu@reading.ac.uk

NUIST Module Lead: Yan Li
Email: liyan_nuist@126.com

Type of module:

Summary module description:

This module introduces students to intermediate mathematical concepts and methods and their economic applications. These concepts and methods will be useful for students taking other core and optional modules in economics.

Aims:

The aim of this module is to introduce students to intermediate mathematical concepts and methods which play an important role in economics. Students will develop their understanding of how mathematics can be used to describe and extend economics in a rigorous fashion and will develop their ability to apply mathematical techniques in the context of economic models. The precision of this approach and the breadth of application to economics of the different mathematical techniques will be emphasised throughout.

Assessable learning outcomes:

At the end of the module students should be able to:

1. explain the relevance of mathematical concepts and methods for economics;


2. apply mathematical concepts and methods (including algebra, higher level calculus and constrained optimisation) to describe and solve a range of economic problems;

Additional outcomes:

Students will develop their understanding of the precision involved in formulating economic models rigorously. Problem solving classes will enable students to further develop their numeracy and analytical skills.

Outline content:

Topics to be covered include: exponential and logarithm functions and their applications in economics (review); differentiation of functions of a single variable and of several variables; optimisation with several variables; integration; constrained optimisation in economics and Lagrangian techniques; the use of matrices to describe economic systems; matrix algebra. 

Global context:

Together with the ‘Introductory Quantitative Methods for Economics and Business 2 and Study Skills’ (EC120) this module develops the quantitative background for single honours study of economics. 

Brief description of teaching and learning methods:

This module is taught through a combination of lectures, seminars and small group tutorials. Recorded lectures covering the main module material will be published on Blackboard. In the week after each of these lectures is published, there will be three complementary live sessions to help achieve the learning outcomes:

1. A 1-hour review lecture. Students can ask for particular areas of the material from the recorded lectures to be reviewed. There will also be cha nce for Q&A in these sessions.


2. A 1-hour large-group seminar session, covering additional mock and past exam questions.


3. A 1-hour small-group tutorial, to go over a problem set that students will be expected to have attempted in advance.

Students will be expected to attend all tutorials, seminars and lectures, having watched the recorded lectures and attempted the practice problem sets in advance. Students will be expected to tak e notes in all these sessions to supplement the learning materials. 

There is a recommended textbook for this module that will supplement the main learning material – however, the core learning material does not include the textbook.

The class tutors and lecturer are available in their feedback and consultation hours to provide further assistance.

Note: the recorded lectures are included in the contact hours breakdown as &ldq uo;Guided Independent Study”.

Contact hours:

	Semester 1	Semester 2
Lectures		13
Seminars		10
Tutorials		9
Guided independent study:
Exam revision/preparation		38
Advance preparation for classes		30
Preparation for tutorials		30
Preparation for seminars		30
Completion of formative assessment tasks		40
Total hours by term	0	200
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	60
Set exercise	20
Class test administered by School	20

Summative assessment- Examinations:

One 3-hour unseen written paper.

Part 1 examinations are held in the Summer term.

Summative assessment- Coursework and in-class tests:

There will be a combination of online tests (20%) and one set exercise (20%) during the spring term.

Formative assessment methods:

Exercises discussed in the seminars and tutorials will provide the main basis for formative feedback.

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:

A weighted minimum overall mark of 40%.

Reassessment arrangements:

Re-assessment for all modules takes place in August/September of the same year.

Re-assessment for this module is by examination only (coursework will not be included in the re-assessment). 

Additional Costs (specified where applicable):

1) Required text books:  Mathematics for Economics and Business (9th edition released July 18) Ian Jacques Pearson 978-1-292-19166-9 (current price £43 new). The same textbook is also recommended for EC116. The book is held by the Library, including an online version.

2) Specialist equipment or materials:  None

3) Specialist clothing, footwear or headgear:  None

4) Printing and binding:  None

5) Computers and devices with a particular specification:  None

6) Travel, accommodation and subsistence:  None

Last updated: 30 March 2023